HomeMy WebLinkAbout1975 Ordinance No. 002•
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INTRODUCED AS A BILL BY COUNCILMAN BROWN .
BY AUTHORITY
ORDINANCE NO. ,2, 1 SERIES OF 1975
AN ORDINANCE AMENDING SECTION 8, CHAPTER 1, TITLE XI, OF THE
1969 E.M.C., CREATING A SPECIAL FUND FOR POLICE OFFICERS'
PRE-RETIREMENT BENEFIT.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
.. GLEWOOD, COLORADO, as follows:
Section 1.
That Section 8, Chapter 1, Ttile XI, is hereby
~me nded to read as fellows:
1 -1-8 !>OLICEME~'S rr:NSION FUND; POLICE OFFICERS' BENEFIT
FUND -SPECTAI. FUND CREATED
(a) The City of Englewood does hereby elect to con-
tinue to participate in the Police Pension Fund,
in Hccordance with the provisions of Chapter 139,
Article 49, Colorado Revised Statutes, 1963, as
amended, save and except to the extent that the
provisions of this Ordinance supersedes any pro-
visions of said Statute.
(b)
(c)
There is hereby created a special fund to be
known as the "Police Officers' Benefit Fund"
·for the purpose of paying those benefits ac-
cruing to police officers under 5-4-12(b)
(permanent disability -police officers' -
pre-retirement benefit) of this code.
THE CITY SHALL MAKE CONTRIBUTIONS TO SAID
"P OL ICE OFFICERS' BENEFIT FUND" AT A RATE
TO BE DETERMINED ANNUALLY IN THE FOLLOWING
MANNER:
AT LEAST r:v;:::lY THREE YEARS, THE CITY OF ENGLE-
WOOD SHALL r1\VE AN ACTUARIAL STUDY DONE ON THE
POLICE PENSION FUNDS. THE "NORMAL COST" OF THE
BENEFITS AFFORDED UNDER BOTH THE STATUTORY PEN-
SION LAW AND LOCAL PENSION ORDINANCES WILL BE
CONTRIBUTED ANNUALLY INTO THE TWO PENSION FUNDS.
THE CITY'S CONTRIBUTION INTO THE POLICE OFFICERS'
BENEFTT FUND WILL BE A FIGURE DERIVED FROM TAKING
THE NORMAL COST PERCENTAGE DERIVED IN THE ACTUARIAL
STUDY AND SUBTRACTING CONTRIBUTIONS MADE BE THE
EMPLOYEE, CITY AND STATE TO THE STATUTORY PENSION
FUND. THE RESULTANT PERCENTAGE CALCULATED ANNUALLY
WILL BE PAID FROM GENERAL REVENUES OF THE CITY IN-
TO THE POLI:E OFFICERS' BENEFIT FUND.
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(d ) In a ddition to the powers and obligations im-
pos e d upon the board of trustees of the Engle-
woo d Po liceme n's Pension Fund by Article 49,
Ch ap t e r 139, Colorado revised statutes, 1963, .
as a mended, said board shall have all powers
ne ce s s ary to supervise and administer the pro-
v isi ons hereof. In addition thereto, said board
sh all ha ve the power from time to time, and as
th e n eed may arise, to transfer any surplus
mon eys r esulting in said "Police Officers' Bene-
fi t Fun d", to the Policemen's Pension Fund of
the ci t y .
Sec t io n 2.
The amme nd me nt ~ contained in this Ordinance shall
take effect on Jan ua ry 1, 1975.
Introduced , read in full and passed on first read-
in g on the 17th d ay of December, 1974.
Publish ed as a Bi ll for an Ordinance on the 24th
da y of December , 19 7 4 .
of
6th
Read b y ti tle and passed on final reading on the
day o f J :i nuary , 19 7 5.
.:2.,, , Series Pu b li s hed bv t i t le a s Ordinance No.
197 5 on the 9 t h ·d ay of Jan ar 1975 u y, . . ~
AT TEST:
~v_,,/Q~
yor
e~i"i~~fC1 erk -Tr e asurer
ex officio City Clerk-Treasurer
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